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Question 19 of 75. Dione is a general partner who owns 50% Interest in Love First...
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First...
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? O $35,000 O $45,000 O $60,000 O $70,000 Jaylan and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed inventory with a FMV of $12,000 and an adjusted basis of...
Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron...
Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities and $30,000 in nonrecourse Viabilities. What is Marcus' total share of liabilities? $40,000 $50,000 $65,000 $80,000 Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities...
Nichole owns a 50% interest in partnership J&K. She contributed a computer system with a FMV...
Nichole owns a 50% interest in partnership J&K. She contributed a computer system with a FMV of $15,000 and an adjusted basis of $10,00U tU un partnership. Neither Nichole nor the partnership recognized any gain when the property was contributed. Which of the following is true regarding dhe partnership's basis in the computer system and Nichole's outside basis? O Partnership's basis in computer system - $10,000, Nichole's outside basis - increases by $10,000. Partnership's basis in computer system - $10,000,...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had 560,000 of AMT credit carried forward from prior years and available in 2018. What is the amount of the AMT credit that can be claimed in 2018? O $35,000 O $47.500 O $60,000 $65,000 Mark for follow up Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who...
For the tax year, ABC partnership reported $68,000 ordinary loss and $30,000 increase in recourse liabilities...
For the tax year, ABC partnership reported $68,000 ordinary loss and $30,000 increase in recourse liabilities for which the partnership are liable. Anne a 50% owner, had an adjusted basis of $20,000 at the beginning of the year. What is Anne's allowable loss and he adjusted basis in ABC at the end of the year? a) Allowable loss $19,000, Adjusted basis $1,000 b) Allowable loss $20,000, Adjusted basis $0 c) Allowable loss $34,000, Adjusted basis $0 d) Allowable loss $34,000,...
Question 18 of 76. O For the tax year, ABC partnership reported a 560,000 ordinary loss...
Question 18 of 76. O For the tax year, ABC partnership reported a 560,000 ordinary loss and a $30,000 increase in recourse liabilities for which the partners are liable. Anne, a 50% partner, had an adjusted basis of 20.000 at the beginning of the year. What is Anne's allowable loss and her adjusted basis In ADG at the end of the year? O Allowable loss: $19,000. Adjusted basis: $1,000 O Allowable loss: $20,000. Adjusted basis: $0. O Allowable loss: $34,000....
david is a general partner who owns 50% interest in live free enterprises. steve is a...
david is a general partner who owns 50% interest in live free enterprises. steve is a limited partnerwho also owns 59%. the partnership has $45,000 in recourse liabilies and $15,000 in nonrecourse liabilies. what is david's totak share of liabilities?
Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcom is a...
Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcom is a limited partner who owns 50%. The partnership has $50000 in recourse liabilities and $30000 in non recourse liabilities. What is Marcus's total share of liabilities?
Question 17 of 75. Which of the following accurately describes a general partner in a partnership?...
Question 17 of 75. Which of the following accurately describes a general partner in a partnership? O A partner who is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. O A partner OA partner who is personally liable for partnership debts. nonrecourse loans O A partner who adheres to generally accepted accounting principals Mark for follow up
Joseph and Savannah are partners in a limited partnership. Joseph is the general partner with a...
Joseph and Savannah are partners in a limited partnership. Joseph is the general partner with a 70% profits interest. Savannah is the limited partner with a 30% profits interest. Even though Savannah is a limited partner, she agreed to make an additional $20,000 capital contribution at any time the partnership required additional working capital. At the end of the year, the balance sheet showed $200,000 in recourse liabilities and an additional $60,000 in nonrecourse liabilities. Joseph’s beginning adjusted basis in...
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? O $35,000 O $45,000 O $60,000 O $70,000 Jaylan and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed inventory with a FMV of $12,000 and an adjusted basis of...
Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities and $30,000 in nonrecourse Viabilities. What is Marcus' total share of liabilities? $40,000 $50,000 $65,000 $80,000 Question 31 of 75. Marcus is a general partner who owns a 50% interest in Barron Enterprises. Malcolm is a limited partner who owns 50%. The partnership has $50,000 in recourse liabilities...
Nichole owns a 50% interest in partnership J&K. She contributed a computer system with a FMV of $15,000 and an adjusted basis of $10,00U tU un partnership. Neither Nichole nor the partnership recognized any gain when the property was contributed. Which of the following is true regarding dhe partnership's basis in the computer system and Nichole's outside basis? O Partnership's basis in computer system - $10,000, Nichole's outside basis - increases by $10,000. Partnership's basis in computer system - $10,000,...
Question 9 of 75. Dawson, Inc., had regular tax due of $35,000 for the tax year ending December 31, 2018. It also had 560,000 of AMT credit carried forward from prior years and available in 2018. What is the amount of the AMT credit that can be claimed in 2018? O $35,000 O $47.500 O $60,000 $65,000 Mark for follow up Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who...
Question 18 of 76. O For the tax year, ABC partnership reported a 560,000 ordinary loss and a $30,000 increase in recourse liabilities for which the partners are liable. Anne, a 50% partner, had an adjusted basis of 20.000 at the beginning of the year. What is Anne's allowable loss and her adjusted basis In ADG at the end of the year? O Allowable loss: $19,000. Adjusted basis: $1,000 O Allowable loss: $20,000. Adjusted basis: $0. O Allowable loss: $34,000....
Question 17 of 75. Which of the following accurately describes a general partner in a partnership? O A partner who is personally liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership. O A partner OA partner who is personally liable for partnership debts. nonrecourse loans O A partner who adheres to generally accepted accounting principals Mark for follow up
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